overall oil fundamental picture

Oil prices are mixed in overnight trading after a supportive API oil inventory report that has been offset by yet another sign that the main economic and oil demand growth engine of the world, China, is slowing.

The oil complex is drifting lower after a mixed API inventory report and ahead of the more widely followed EIA inventory report as participants also await U.S. Fed Chairman Bernanke’s comments before Congress today.

A much larger than expected decline in crude oil as reported by the API last night coupled with the growing unrest in Egypt has pushed the spot WTI price back above the $100/bbl level for first time since September 2012.